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enhanced auditor guidance for identifying and assessing the risk of

Enhanced Auditor Guidance for Identifying and Assessing the Risk of Material Misstatement

The Auditing Standards Board (ASB) issued SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, in 2021. SAS 145 updates AU-C 315 by enhancing the guidance related to understanding an entity and assessing risks of material misstatement.

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